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Bitcoin (BTC) Price Analysis for June 9

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Fri, 9/06/2023 - 18:00
Bitcoin (BTC) Price Analysis for June 9
Cover image via www.tradingview.com

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The cryptocurrency market has not decided yet which way to go, as the rates of some coins are rising, while others are falling.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has increased by 0.16% since yesterday.

BTC/USD chart by TradingView

Image by TradingView

On the local time frame, the rate of Bitcoin (BTC) keeps trading in a narrow channel, between the support at $26,289 and the resistance at $26,778.

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At the moment, there are no bullish or bearish signals, which means that there is a high chance to see ongoing consolidation in the range of $26,500-$26,700.

BTC/USD chart by TradingView

Image by TradingView

On the daily time frame, the rate of Bitcoin (BTC) is accumulating energy for a sharp move. However, if the fall continues to the $26,000 zone and fixes below it, there is a high probability to see a test of the support at $25,270 soon.

BTC/USD chart by TradingView

Image by TradingView

A better situation can be seen on the weekly chart, as the price has bounced off the mirror level at the $25,300 area. If the bar closes far from it, traders can expect a local correction to the $27,000-$28,000 area.

Bitcoin is trading at $26,584 at press time.

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